值得注意的是，在国库定存利率下行的同时，资金市场利率却出现小幅回升。11月24日，上海银行间同 业拆放利率数据显示，除隔夜shibor微幅下跌外，其余品种均呈上行态势。截至当日11时，隔夜shibor下 降0.4个基点报1.3160%；7天期shibor上调3个基点，报1.447%；一个月期shibor上调0.1个基点，报 1.52%；三个月期shibor上升0.2个基点，报1.58%。 11月24日，财政部、中国人民银行以利率招标、单一价位中标方式进行了2025年中央国库现金管理商业 银行定期存款（十一期）招投标。此期存款期限为1个月，中标总量为1200亿元，中标利率为1.73%， 较上期1.76%的中标利率小幅下降3个基点，进一步释放出银行体系流动性合理充裕的信号。 国库现金定存，是指财政部和人民银行将国库现金存入商业银行的操作，其利率由投标过程中的竞争决 定。这一利率走低通常意味着商业银行对这部分资金的需求意愿有所减弱，反映出当前银行体系的流动 性整体处于合理充裕的水平，并不十分"缺钱"。 从全年操作轨迹看，今年以来中央国库现金定存已累计开展12期，覆盖1个月、2个月和3个月三类期 限。具体来看，前6期 ...

转自：北京日报客户端 来源：@央视财经 为保持银行体系流动性充裕，2025年11月25日，中国人民银行将以固定数量、利率招标、多重价位中标 方式开展10000亿元MLF操作，期限为1年期。 ...

Core Viewpoint - The Shanghai Interbank Offered Rate (Shibor) has seen a significant increase across short-term products, with the overnight rate rising by 14.5 basis points to 1.508% on November 17, 2025, indicating tightening liquidity in the banking system [1][2]. Group 1: Shibor Rate Changes - The overnight Shibor rate increased by 14.5 basis points to 1.508% on November 17, 2025 [1][2]. - The 14-day Shibor rate is reported at 1.550%, which is higher than the 1-month rate of 1.520%, creating an inversion [1][2]. - Other Shibor rates include 1-week at 1.514%, 1-month at 1.520%, 3-month at 1.580%, 6-month at 1.620%, 9-month at 1.640%, and 1-year at 1.650% [2]. Group 2: Central Bank Actions - The central bank announced an operation to conduct a reverse repurchase agreement of 800 billion yuan with a fixed amount and interest rate, with a term of 6 months (182 days) on November 17 [2]. - This operation is aimed at providing liquidity support to the banking system amid tightening conditions [3]. Group 3: Market Analysis - The release of 500 billion yuan in new policy financial instruments in October has led to an increase in entrusted loans, which is expected to drive the issuance of medium to long-term loans [3]. - The upcoming maturity of bank interbank certificates in November is anticipated to further tighten liquidity, necessitating support from the central bank [3].

Core Points - The People's Bank of China conducted a 1,175 billion yuan reverse repurchase operation with a rate of 1.40%, maintaining the previous level, resulting in a net withdrawal of 3,578 billion yuan due to 4,753 billion yuan of reverse repos maturing on the same day [1] - The Shanghai Interbank Offered Rate (Shibor) showed slight fluctuations, with the overnight Shibor decreasing by 0.10 basis points to 1.3150%, while the 7-day and 14-day Shibor increased by 0.30 and 0.90 basis points, respectively, to 1.4150% and 1.4780% [1][2] Market Rates Summary - The weighted average rates for the interbank pledged repo market showed minor increases for DR001 and DR007, while other products experienced slight declines. Specifically, DR001 and R001 increased by 0.2 basis points to 1.3148% and 1.3621%, with transaction volumes rising by 155 billion yuan and 2,653 billion yuan, respectively [4] - The overall funding environment appeared relaxed, with significant liquidity in the market. The overnight repo rates fluctuated, with the lowest transaction rate reaching 1.30% by the end of the trading day [10] Upcoming Operations - To maintain liquidity in the banking system, the People's Bank of China plans to conduct a 700 billion yuan reverse repurchase operation on November 5, 2025, with a term of three months [13]

Core Viewpoint - The People's Bank of China has announced a significant liquidity operation to maintain ample liquidity in the banking system by conducting a 1.1 trillion yuan reverse repurchase operation with a term of 3 months [1]. Group 1 - The operation is set to take place on October 9, 2025, using a fixed quantity and interest rate bidding method with multiple price levels [1].

Group 1 - The People's Bank of China conducted a reverse repurchase operation of 1.1 trillion yuan with a term of 3 months (91 days) to maintain liquidity in the banking system [1] - The operation was carried out using a fixed quantity, interest rate bidding, and multiple price level bidding methods [1] Group 2 - The article mentions various market reactions and announcements, including significant changes in stock holdings and market volatility [1] - There are references to other news events that may impact the market, such as geopolitical developments [1]

来源：上海证券报·中国证券网 上证报中国证券网讯 据中国人民银行9月30日消息，为保持银行体系流动性充裕，2025年10月9日，中 国人民银行将以固定数量、利率招标、多重价位中标方式开展11000亿元买断式逆回购操作，期限为3个 月（91天）。 ...

人民财讯9月24日电，为保持银行体系流动性充裕，9月25日(周四)，中国人民银行将以固定数量、利率 招标、多重价位中标方式开展6000亿元MLF操作，期限为1年期。 ...

Core Viewpoint - The People's Bank of China announced a 1 trillion yuan reverse repurchase operation to maintain ample liquidity in the banking system, scheduled for September 5, with a term of 3 months (91 days) [1] Group 1 - The operation will be conducted using a fixed quantity and interest rate bidding method, with multiple price levels for bidding [1] - The total amount of the reverse repurchase operation is set at 1 trillion yuan, equivalent to approximately 154 billion USD [1]

Core Viewpoint - To maintain ample liquidity in the banking system, the People's Bank of China will conduct a 1 trillion yuan reverse repurchase operation on September 5, with a term of 3 months [1] Group 1 - The operation will be conducted using a fixed quantity, interest rate bidding, and multiple price level bidding methods [1] - The total amount for the reverse repurchase operation is set at 1 trillion yuan [1]